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How can you sell your home to a bank and pay the difference in the loan?
Wiki User
∙ 13y ago
You go to the bank and ask for a loan.
Wiki User
∙ 13y ago
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What companies sell a fixed home equity loan?
A fixed home equity loan is a type of loan where the borrow uses the equity in their home as collateral. Various companies sell this type of loan like Bank of America and Citizens Bank.
Can you get a mortgage loan if you already own a home and want to sell and get another home but you have a lot of bank overdrafts but paid them?
Yes, that should not be a problem.
Can you sell your home after you have got a loan modification?
Absolutely! A home loan modification is designed to do 2 things. 1. Make the payment affordable for the homeowner. 2. Keep the bank from foreclosing on the house. The bank loses money on every foreclosure, as they are not legally allowed to make a profit. As a result, they are more than willing to find a way to keep the collateral paid. If you sell the house after a successful modification, then they are not taking a loss on the property. Even in the event you have to short sell the property, it is more beneficial to the bank to short sell than foreclose. Modification has no refleflection or bearing on the sale of your home, and you will not be charged any extra fees if you sell a home that has a modified note.
If an estate is worth 20K and there is a bank loan out for the home can the bank repossess the house or is the beneficiary entitled to the home?
Loans (mortgages) are secured loans, the house is the collateral. In some cases a death benefit is included in the homeowner's insurance that may cover the outstanding balance. A surviving spouse, co-owner, etc. will have to pay the balance of the loan or sell/forfeit the property.
What is the difference between servicing retained and servicing released mortgages?
Servicing retained is when the bank/whereever you originated your loan keeps the right to service you. That means that when (or if) they sell your loan to an investor, say Fannie Mae or Freddie Mac, you can still walk into your bank and hand them the check. Servicing released means that when (or if) your bank sells your loan, you will have to mail your checks to whomever it was sold to. Keep in mind that there is usually a fee involved w/ servicing retained, normally 25 basis points or .25%
What companies sell a fixed home equity loan?
A fixed home equity loan is a type of loan where the borrow uses the equity in their home as collateral. Various companies sell this type of loan like Bank of America and Citizens Bank.
Do I have to keep paying for a car that has been reposed by a bank if I surrender it to the bank in which is carring the loan?
The bank will sell the vechile, u will be responsible for the difference between what they sell it for and what you owe . plus any interest and penalties.
Can you sell your home after you use it as collateral?
No, you cannot. The moment you declare your home as collateral, the bank would take control of the home documents. Until you finish repaying the loan fully, the bank would not release the documents. During this period, trying to sell your home is a criminal offense and the bank can have you jailed for this
Can you get a mortgage loan if you already own a home and want to sell and get another home but you have a lot of bank overdrafts but paid them?
Yes, that should not be a problem.
If you give your manufactured home back to the bank are you still responsible for the payments?
You may be responsible for the difference in what you owe on the home and what the bank is able to sell it for. You are not still responsible for the payments.
What happens when you give an upside down motor home that you can't afford the payments on back to the bank?
The bank will sell the motor home for whatever they can get. You will then be responsible for the balance left on the loan. For instance if the payoff is $10,000 on the motor home and they sell it for $$7,500 then you will still have to pay the bank $2,500 plus any fees associated with the sale and loan. Your credit will then be ruined for 7 years. But this is better than a repossession where you would have to also pay repossession fees. Sit down with a loan officer at the bank and see if you can work something out. They do no want to repossess it anymore than you want to loose it.
What are the consequenses of turning your car back to the bank?
The bank will sell your car at what ever price they can get and apply the proceeds to your account. If you owe them more than they get for it they will want you to pay the difference. You should try to sell it youself for enough to pay off the loan. Banks won't
Can a bank sue you after repossesion of a car?
After they repossess the vehicle they will sell it for whatever they can get. You are then responsible for the difference in what they sold the car for and the balance owed on the loan. If you do not pay this amount they will take you to court.
Can you sell your home after you have got a loan modification?
Absolutely! A home loan modification is designed to do 2 things. 1. Make the payment affordable for the homeowner. 2. Keep the bank from foreclosing on the house. The bank loses money on every foreclosure, as they are not legally allowed to make a profit. As a result, they are more than willing to find a way to keep the collateral paid. If you sell the house after a successful modification, then they are not taking a loss on the property. Even in the event you have to short sell the property, it is more beneficial to the bank to short sell than foreclose. Modification has no refleflection or bearing on the sale of your home, and you will not be charged any extra fees if you sell a home that has a modified note.
What do you do if you can no longer pay a car loan in Texas?
Sell the car for the price of the loan. If you can't get that price out of it, then talk with the bank about your options.
Is there a way to sell a motorcycle when you are upside down in a loan with it and not owe the balance?
if the loan is through the bank then have the person who is buying pay off the rest of the loan.
Do you still owe for car returned before repossession?
Unfortunately yes what the bank or creditor will do is sell the car most likely at auction for "X" amount. you end up liable for the difference between what they sell it for and the remaining balance of the loan.
